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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/05\/11\/terraform-co-founder-do-kwon-pleads-not-guilty-to-fake-travel-documents\/<\/a><\/br> Terraform Labs co-founder Do Kwon pleaded not guilty in a Montenegrin court on Thursday to a charge of forging his passport and travel documents.<\/p>\n Kwon\u2019s hearing comes a month after Kwon and Chang-joon Han, Kwon\u2019s\u00a0former colleague, who also pleaded not guilty, were arrested at the airport in Podgorica, the capital of Montenegro<\/span><\/a>, while trying to fly to Dubai. Their lawyer requested conditions for bail at \u20ac400,000 ($437,000) each and proposed house arrest in Montenegro. The next court hearing is set for June 16.<\/p>\n On May 7, 2022, Terraform Labs\u2019 stablecoin TerraUSD (UST), an algorithmic stablecoin that worked with its sister coin, Luna, <\/span>lost its $1 peg<\/span><\/a>. The event wiped out approximately $40 billion in market value, collapsing<\/a> an array of<\/a> crypto firms<\/a>.\u00a0<\/span><\/p>\n A year after the crash, Kwon is now in jail in Montenegro and being investigated in the U.S. and South Korea. If Kwon is convicted of falsifying his documents, he <\/span>may have to serve his prison sentence in Montenegro<\/span><\/a> before being extradited to the U.S. or South Korea, the Montenegrin Justice Ministry said in March.\u00a0<\/span><\/p>\n As a reminder of what happened to Terraform and founder Kwon over the past 12 months, we present the slow-motion disaster as it played out for the now five-year-old company, which\u00a0<\/span>launched its TerraUSD stablecoin and Luna in 2019 and then relocated its headquarters to Singapore in 2020:<\/span><\/p>\n May 2022\u00a0<\/span><\/strong><\/p>\n June 2022\u00a0<\/span><\/strong><\/p>\n September 2022\u00a0<\/span><\/strong><\/p>\n October 2022<\/span><\/strong><\/p>\n December 2022<\/span><\/strong><\/p>\n February 2023<\/span><\/strong><\/p>\n March 2023<\/span><\/strong><\/p>\n April 2023<\/span><\/strong><\/p>\n May 2023\u00a0<\/span><\/strong><\/p>\n \u00a0<\/p>\n<\/p><\/div>\n <\/br><\/br><\/br><\/p>\n
\nTerraform\u2019s Do Kwon pleads not guilty to fake travel documents charges<\/br>
\n2023-05-12 21:47:08<\/br><\/p>\n\n
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